Issuer Free Writing Prospectus
Filed pursuant to Rule 433(d)
Registration No. 333-240157
July 30, 2020
Federal Express Corporation (“FedEx Express”)
2020-1AA Pass Through Trust
Pass Through Certificates, Series 2020-1AA
FedEx Express is increasing the size of the 2020-1 EETC transaction in order to finance three additional Boeing 767-300F aircraft and two additional Boeing 777F aircraft (collectively, the “Additional Aircraft”). This free writing prospectus sets forth the corresponding material changes to FedEx Express’s Preliminary Prospectus Supplement, dated July 29, 2020 (the “Supplement”), relating to the Certificates referred to below, and should be read together with the Supplement and the accompanying Prospectus dated July 29, 2020. Cross-references contained herein refer to the Supplement unless otherwise stated. Capitalized terms used herein and not otherwise defined have the meaning given to them in the Supplement. This free writing prospectus sets forth the principal amortization schedules and the loan to value ratio tables for the Equipment Notes related to the Additional Aircraft. The information herein supersedes any inconsistent information set forth in the Supplement.
Aircraft to be Financed:
| Nineteen total Aircraft, consisting of (a) the ten Boeing 767-300F aircraft described in the Supplement and the three additional Boeing 767-300F aircraft described under “—Equipment Notes and the Aircraft” below and (b) the four Boeing 777F aircraft described in the Supplement and the two additional Boeing 777F aircraft described under “—Equipment Notes and the Aircraft” below. |
|
|
Aggregate Appraised Aircraft Value: | $1,759,429,440 |
|
|
Aggregate Face Amount of Certificates: | $970,000,000 |
|
|
Securities: | Class AA Pass Through Certificates, Series 2020-1AA (the “Certificates”) |
|
|
Initial LTV (cumulative)(1)(2): | 55.1% |
|
|
Highest LTV (cumulative)(2): | 55.1% |
(1) These percentages are calculated as of the Issuance Date. In calculating these percentages, we have assumed that the aggregate appraised value of all such Aircraft is $1,759,429,440 as of the Issuance Date. The appraised value is only an estimate and reflects certain assumptions. See “Description of the Aircraft and the Appraisals—The Appraisals”.
(2) See “Loan to Aircraft Value Ratios” below for the method and assumptions we used in calculating the loan to Aircraft value ratios and a discussion of certain ways that such loan to Aircraft value ratios could change.
Equipment Notes and the Aircraft
The Trust will hold Equipment Notes issued for, and secured by, each of thirteen Boeing 767-300F aircraft and six Boeing 777F aircraft, each as described in further detail in the table below, delivered new to FedEx Express between September 2015 and June 2020 (each an “Aircraft” and, collectively, the “Aircraft”). Each Aircraft is owned and is being operated by FedEx Express. See “Description of the Aircraft and the Appraisals” in the
Supplement for a description of each Aircraft. Set forth below is certain information about the Equipment Notes to be held in the Trust and each of the Aircraft that will secure such Equipment Notes.
On and subject to the terms and conditions of the Indenture and the Participation Agreement relating to each Aircraft, FedEx Express will issue on the Issuance Date the Equipment Notes relating to such Aircraft to be held in the Trust. See “Description of the Aircraft and the Appraisals” in the Supplement.
Aircraft Type |
| Registration |
| Manufacturer’s |
| Month of Delivery |
| Initial Principal |
| Appraised Value(1) |
| ||
Boeing 767-300F |
| N126FE |
| 42718 |
| September 2015 |
| $ | 32,875,000 |
| $ | 59,630,000 |
|
Boeing 767-300F |
| N130FE |
| 42720 |
| February 2016 |
| 33,702,000 |
| 61,130,000 |
| ||
Boeing 767-300F |
| N135FE |
| 42722 |
| June 2016 |
| 34,397,000 |
| 62,390,000 |
| ||
Boeing 767-300F |
| N138FE |
| 42723 |
| July 2016 |
| 34,567,000 |
| 62,700,000 |
| ||
Boeing 767-300F |
| N144FE |
| 42726 |
| February 2017 |
| 35,424,000 |
| 64,253,478 |
| ||
Boeing 767-300F |
| N151FE |
| 43630 |
| October 2017 |
| 36,878,000 |
| 66,891,393 |
| ||
Boeing 767-300F |
| N153FE |
| 63095 |
| December 2017 |
| 36,998,000 |
| 67,108,060 |
| ||
Boeing 767-300F |
| N155FE |
| 43631 |
| February 2018 |
| 37,487,000 |
| 67,996,303 |
| ||
Boeing 767-300F |
| N168FE |
| 63100 |
| November 2018 |
| 39,040,000 |
| 70,812,754 |
| ||
Boeing 767-300F |
| N172FE |
| 63103 |
| January 2019 |
| 39,614,000 |
| 71,854,111 |
| ||
Boeing 767-300F* |
| N180FE |
| 63111 |
| November 2019 |
| 41,432,000 |
| 75,150,394 |
| ||
Boeing 767-300F* |
| N183FE |
| 63114 |
| February 2020 |
| 42,259,000 |
| 76,651,415 |
| ||
Boeing 767-300F* |
| N184FE |
| 63115 |
| March 2020 |
| 42,380,000 |
| 76,871,646 |
| ||
Boeing 777F* |
| N869FD |
| 40675 |
| September 2015 |
| 70,607,000 |
| 128,070,000 |
| ||
Boeing 777F |
| N897FD |
| 42705 |
| November 2017 |
| 76,874,000 |
| 139,437,146 |
| ||
Boeing 777F* |
| N877FD |
| 40683 |
| March 2018 |
| 79,830,000 |
| 144,800,000 |
| ||
Boeing 777F |
| N891FD |
| 41440 |
| June 2018 |
| 80,702,000 |
| 146,380,000 |
| ||
Boeing 777F |
| N876FD |
| 40682 |
| June 2019 |
| 84,522,000 |
| 153,310,000 |
| ||
Boeing 777F |
| N845FD |
| 66255 |
| June 2020 |
| 90,412,000 |
| 163,992,739 |
| ||
Total |
|
|
|
|
|
|
| $ | 970,000,000 |
| $ | 1,759,429,440 |
|
(1) The appraised value of each Aircraft set forth above is the lesser of the average and median appraised values of such Aircraft as appraised by three independent appraisal and consulting firms (Aircraft Information Services, Inc. (“AISI”), Avitas, Inc. (“Avitas”) and mba Aviation (“MBA”, and together with AISI and Avitas, the “Appraisers”)). Each appraisal indicates the appraised base value of each Aircraft, adjusted for the actual technical status and maintenance conditions as described in such appraisal. The AISI, Avitas and MBA appraisals are each dated July 24, 2020. The appraised values provided by AISI, Avitas and MBA are presented as of July 1, 2020, June 26, 2020 and June 30, 2020, respectively. The Appraisers based their appraisals on varying assumptions (which may not reflect current market conditions) and methodologies, and do not purport to, and do not, reflect the current market value of the Aircraft. See “Description of the Aircraft and the Appraisals—The Appraisals” in the Supplement. An appraisal is only an estimate of value and you should not rely on any appraisal as a measure of realizable value. See “Risk Factors—Risk Factors Relating to the Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable values of the Aircraft” in the Supplement.
* Represents an Additional Aircraft
Loan to Aircraft Value Ratios
The following table provides loan to Aircraft value ratios (“LTVs”) for the Certificates as of the Issuance Date and each Regular Distribution Date thereafter. The table assumes that an Aircraft ceases to be included in the collateral pool as of the latest Final Maturity Date of the Equipment Notes issued in respect of such Aircraft. The table is not a forecast or prediction of expected or likely LTVs, but simply a mathematical calculation based upon one set of assumptions. See “Risk Factors—Risk Factors Relating to the Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable values of the Aircraft” in the Supplement.
We compiled the following table on an aggregate basis. However, the Equipment Notes issued under an Indenture are entitled only to certain specified cross-collateralization provisions as described under “Description of the Equipment Notes—Security” in the Supplement. The relevant LTVs in a default situation for the Equipment Notes issued under a particular Indenture would depend on various factors, including the extent to which the debtor or trustee in bankruptcy agrees to perform the obligations of FedEx Express under the Indentures. Therefore, the following aggregate LTVs are presented for illustrative purposes only and should not be interpreted as indicating the degree of cross-collateralization available to the holders of the Certificates.
Date |
| Aggregate Assumed |
| Pool Balance of Class |
| LTV of Class AA |
| ||
At Issuance |
| $ | 1,759,429,440 |
| $ | 970,000,000 |
| 55.1 | % |
February 20, 2021 |
| 1,731,020,062 |
| 944,065,780 |
| 54.5 | % | ||
August 20, 2021 |
| 1,702,610,685 |
| 918,131,561 |
| 53.9 | % | ||
February 20, 2022 |
| 1,674,201,309 |
| 892,197,341 |
| 53.3 | % | ||
August 20, 2022 |
| 1,645,791,932 |
| 866,263,121 |
| 52.6 | % | ||
February 20, 2023 |
| 1,617,382,551 |
| 840,328,902 |
| 52.0 | % | ||
August 20, 2023 |
| 1,588,973,176 |
| 814,394,682 |
| 51.3 | % | ||
February 20, 2024 |
| 1,560,563,800 |
| 788,460,462 |
| 50.5 | % | ||
August 20, 2024 |
| 1,532,154,420 |
| 762,526,242 |
| 49.8 | % | ||
February 20, 2025 |
| 1,503,745,043 |
| 736,592,023 |
| 49.0 | % | ||
August 20, 2025 |
| 1,475,335,665 |
| 710,657,803 |
| 48.2 | % | ||
February 20, 2026 |
| 1,446,926,290 |
| 684,723,583 |
| 47.3 | % | ||
August 20, 2026 |
| 1,418,516,912 |
| 658,789,364 |
| 46.4 | % | ||
February 20, 2027 |
| 1,390,107,533 |
| 632,855,144 |
| 45.5 | % | ||
August 20, 2027 |
| 1,361,698,154 |
| 606,920,924 |
| 44.6 | % | ||
February 20, 2028 |
| 1,333,288,779 |
| 580,986,705 |
| 43.6 | % | ||
August 20, 2028 |
| 1,304,879,400 |
| 555,052,485 |
| 42.5 | % | ||
February 20, 2029 |
| 1,276,470,026 |
| 529,118,265 |
| 41.5 | % | ||
August 20, 2029 |
| 1,248,060,646 |
| 503,184,045 |
| 40.3 | % | ||
February 20, 2030 |
| 1,219,651,272 |
| 477,249,826 |
| 39.1 | % | ||
August 20, 2030 |
| 1,191,241,894 |
| 451,315,606 |
| 37.9 | % | ||
February 20, 2031 |
| 1,161,728,397 |
| 425,381,386 |
| 36.6 | % | ||
August 20, 2031 |
| 1,131,861,550 |
| 399,447,167 |
| 35.3 | % | ||
February 20, 2032 |
| 1,101,283,962 |
| 373,512,947 |
| 33.9 | % | ||
August 20, 2032 |
| 1,070,347,416 |
| 347,578,727 |
| 32.5 | % | ||
February 20, 2033 |
| 1,039,043,340 |
| 321,644,508 |
| 31.0 | % | ||
August 20, 2033 |
| 1,005,472,549 |
| 295,710,288 |
| 29.4 | % | ||
February 20, 2034 |
| 970,746,482 |
| 0 |
| 0.0 | % | ||
(1) In calculating the aggregate Assumed Aircraft Value, we assumed that the appraised value of each Aircraft determined as described under “Description of the Aircraft and the Appraisals” declines in accordance with the Depreciation Assumption described under “Description of the Equipment Notes—Loan to Value Ratios of Equipment Notes”. Other rates or methods of depreciation could result in materially different LTVs. We cannot assure you that the depreciation rate and method assumed for purposes of the above table are the ones most likely to occur or predict the actual future value of any Aircraft. See “Risk Factors—Risk Factors Relating to the Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable values of the Aircraft” in the Supplement.
(2) The “pool balance” for the Certificates indicates, as of any date, after giving effect to any principal distributions expected to be made on such date, the portion of the original face amount the Certificates that has not been distributed to the Certificateholders.
(3) We obtained the LTVs for the Certificates for the Issuance Date and each Regular Distribution Date by dividing (i) the expected outstanding pool balance of the Certificates after giving effect to the principal distributions expected to be made on such date, by (ii) the aggregate Assumed Aircraft Value of all of the Aircraft expected to be included in the collateral pool on such date based on the assumptions described above. The outstanding pool balances and LTVs for any date could change if, among other things (x) any Equipment Notes are redeemed or purchased, or (y) a default in payment on any Equipment Notes occurs.
Assumed Amortization Schedule and Resulting Pool Factors
The following table sets forth the expected aggregate principal amortization schedule (the “Assumed Amortization Schedule”) for the Equipment Notes to be held in the Trust and resulting Pool Factors with respect to the Trust. The actual aggregate principal amortization schedule applicable to the Trust and the resulting Pool Factors with respect to the Trust may differ from the Assumed Amortization Schedule because the scheduled distribution of principal payments for the Trust may be affected if, among other things, (i) any Equipment Notes held in the Trust are redeemed or purchased, or (ii) a default in payment on any Equipment Note occurs.
|
| Class AA |
| |||
Date |
| Scheduled Principal |
| Expected Pool Factor |
| |
At Issuance |
| $ | 0.00 |
| 1.0000000 |
|
|
| Class AA |
| ||
Date |
| Scheduled Principal |
| Expected Pool Factor |
|
February 20, 2021 |
| 25,934,219.70 |
| 0.9732637 |
|
August 20, 2021 |
| 25,934,219.70 |
| 0.9465274 |
|
February 20, 2022 |
| 25,934,219.70 |
| 0.9197911 |
|
August 20, 2022 |
| 25,934,219.70 |
| 0.8930548 |
|
February 20, 2023 |
| 25,934,219.70 |
| 0.8663185 |
|
August 20, 2023 |
| 25,934,219.70 |
| 0.8395821 |
|
February 20, 2024 |
| 25,934,219.70 |
| 0.8128458 |
|
August 20, 2024 |
| 25,934,219.70 |
| 0.7861095 |
|
February 20, 2025 |
| 25,934,219.70 |
| 0.7593732 |
|
August 20, 2025 |
| 25,934,219.70 |
| 0.7326369 |
|
February 20, 2026 |
| 25,934,219.70 |
| 0.7059006 |
|
August 20, 2026 |
| 25,934,219.70 |
| 0.6791643 |
|
February 20, 2027 |
| 25,934,219.70 |
| 0.6524280 |
|
August 20, 2027 |
| 25,934,219.70 |
| 0.6256917 |
|
February 20, 2028 |
| 25,934,219.70 |
| 0.5989554 |
|
August 20, 2028 |
| 25,934,219.70 |
| 0.5722191 |
|
February 20, 2029 |
| 25,934,219.70 |
| 0.5454827 |
|
August 20, 2029 |
| 25,934,219.70 |
| 0.5187464 |
|
February 20, 2030 |
| 25,934,219.70 |
| 0.4920101 |
|
August 20, 2030 |
| 25,934,219.70 |
| 0.4652738 |
|
February 20, 2031 |
| 25,934,219.70 |
| 0.4385375 |
|
August 20, 2031 |
| 25,934,219.70 |
| 0.4118012 |
|
February 20, 2032 |
| 25,934,219.70 |
| 0.3850649 |
|
August 20, 2032 |
| 25,934,219.70 |
| 0.3583286 |
|
February 20, 2033 |
| 25,934,219.70 |
| 0.3315923 |
|
August 20, 2033 |
| 25,934,219.70 |
| 0.3048560 |
|
February 20, 2034 |
| 295,710,287.80 |
| 0.0000000 |
|
LOAN TO VALUE RATIOS OF EQUIPMENT NOTES
The following tables set forth the LTVs for the Equipment Notes to be issued in respect of each Additional Aircraft as of the Issuance Date and each Regular Distribution Date thereafter. The following tables assume that an Additional Aircraft ceases to be included in the collateral for the Equipment Notes as of the latest Final Maturity Date of the Equipment Notes issued in respect of such Aircraft.
The LTVs for the Issuance Date and each Regular Distribution Date listed in such tables were obtained by dividing (i) the outstanding principal amount (assuming no payment default, purchase or early redemption) of such Equipment Notes, determined immediately after giving effect to the payments scheduled to be made on each such date by (ii) the Assumed Aircraft Value on such date, calculated based on the Depreciation Assumption, of the Additional Aircraft with respect to which such Equipment Notes were assumed to be issued and outstanding. See “Description of the Aircraft and the Appraisals—The Appraisals” and “Description of the Equipment Notes—Security—Loan to Value Ratios of Equipment Notes” in the Supplement.
The Depreciation Assumption contemplates that the Assumed Aircraft Value of each Additional Aircraft depreciates annually by approximately 3% of the appraised value at delivery per year for the first 15 years after delivery of such Aircraft by the Aircraft manufacturer and by approximately 4% per year thereafter for the next 5 years. With respect to each Additional Aircraft, the appraised value at delivery of such Additional Aircraft is the theoretical value that, when depreciated from the initial delivery of such Additional Aircraft by the Aircraft manufacturer in accordance with the Depreciation Assumption, results in the appraised value of such Aircraft specified under “Prospectus Supplement Summary—Equipment Notes and the Aircraft” and “Description of the Aircraft and the Appraisals—The Appraisals” in the Supplement.
Other rates or methods of depreciation could result in materially different LTVs, and no assurance can be given (i) that the depreciation rate and method assumed for the purposes of the tables are the ones most likely to occur or
(ii) as to the actual future value of any Aircraft. Thus, the tables should not be considered a forecast or prediction of expected or likely LTVs, but simply a mathematical calculation based on one set of assumptions. See “Risk Factors—Risk Factors Relating to the Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable values of the Aircraft” in the Supplement.
For a description of the LTVs for Equipment Notes to be issued in respect of all other Aircraft, please see Appendix III and Appendix IV to the Supplement.
A. Boeing 767-300F
N180FE
|
| Series AA |
| ||||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
| ||
At Issuance |
| $ | 75,150,394.09 |
| $ | 41,432,000.00 |
| 55.1 | % |
February 20, 2021 |
| 73,988,275.00 |
| 40,324,261.25 |
| 54.5 | % | ||
August 20, 2021 |
| 72,826,155.00 |
| 39,216,522.50 |
| 53.8 | % | ||
February 20, 2022 |
| 71,664,036.00 |
| 38,108,783.75 |
| 53.2 | % | ||
August 20, 2022 |
| 70,501,916.00 |
| 37,001,045.00 |
| 52.5 | % | ||
February 20, 2023 |
| 69,339,797.00 |
| 35,893,306.25 |
| 51.8 | % | ||
August 20, 2023 |
| 68,177,677.00 |
| 34,785,567.50 |
| 51.0 | % | ||
February 20, 2024 |
| 67,015,558.00 |
| 33,677,828.75 |
| 50.3 | % | ||
August 20, 2024 |
| 65,853,438.00 |
| 32,570,090.00 |
| 49.5 | % | ||
February 20, 2025 |
| 64,691,319.00 |
| 31,462,351.25 |
| 48.6 | % | ||
August 20, 2025 |
| 63,529,199.00 |
| 30,354,612.50 |
| 47.8 | % | ||
February 20, 2026 |
| 62,367,080.00 |
| 29,246,873.75 |
| 46.9 | % | ||
August 20, 2026 |
| 61,204,960.00 |
| 28,139,135.00 |
| 46.0 | % | ||
February 20, 2027 |
| 60,042,841.00 |
| 27,031,396.25 |
| 45.0 | % | ||
August 20, 2027 |
| 58,880,721.00 |
| 25,923,657.50 |
| 44.0 | % | ||
February 20, 2028 |
| 57,718,602.00 |
| 24,815,918.75 |
| 43.0 | % | ||
August 20, 2028 |
| 56,556,482.00 |
| 23,708,180.00 |
| 41.9 | % | ||
February 20, 2029 |
| 55,394,363.00 |
| 22,600,441.25 |
| 40.8 | % | ||
August 20, 2029 |
| 54,232,243.00 |
| 21,492,702.50 |
| 39.6 | % | ||
February 20, 2030 |
| 53,070,124.00 |
| 20,384,963.75 |
| 38.4 | % | ||
August 20, 2030 |
| 51,908,004.00 |
| 19,277,225.00 |
| 37.1 | % | ||
February 20, 2031 |
| 50,745,885.00 |
| 18,169,486.25 |
| 35.8 | % | ||
August 20, 2031 |
| 49,583,765.00 |
| 17,061,747.50 |
| 34.4 | % | ||
February 20, 2032 |
| 48,421,646.00 |
| 15,954,008.75 |
| 32.9 | % | ||
August 20, 2032 |
| 47,259,526.00 |
| 14,846,270.00 |
| 31.4 | % | ||
February 20, 2033 |
| 46,097,407.00 |
| 13,738,531.25 |
| 29.8 | % | ||
August 20, 2033 |
| 44,935,287.00 |
| 12,630,792.50 |
| 28.1 | % | ||
February 20, 2034 |
| 43,773,168.00 |
| 0.00 |
| 0.0 | % | ||
N183FE
|
| Series AA |
| ||||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
| ||
At Issuance |
| $ | 76,651,415.34 |
| $ | 42,259,000.00 |
| 55.1 | % |
February 20, 2021 |
| 75,484,135.00 |
| 41,129,150.32 |
| 54.5 | % | ||
August 20, 2021 |
| 74,316,854.00 |
| 39,999,300.64 |
| 53.8 | % | ||
February 20, 2022 |
| 73,149,574.00 |
| 38,869,450.96 |
| 53.1 | % | ||
August 20, 2022 |
| 71,982,294.00 |
| 37,739,601.28 |
| 52.4 | % | ||
February 20, 2023 |
| 70,815,013.00 |
| 36,609,751.60 |
| 51.7 | % | ||
|
| Series AA |
| ||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
|
August 20, 2023 |
| 69,647,733.00 |
| 35,479,901.92 |
| 50.9 | % |
February 20, 2024 |
| 68,480,452.00 |
| 34,350,052.24 |
| 50.2 | % |
August 20, 2024 |
| 67,313,172.00 |
| 33,220,202.56 |
| 49.4 | % |
February 20, 2025 |
| 66,145,891.00 |
| 32,090,352.88 |
| 48.5 | % |
August 20, 2025 |
| 64,978,611.00 |
| 30,960,503.20 |
| 47.6 | % |
February 20, 2026 |
| 63,811,331.00 |
| 29,830,653.52 |
| 46.7 | % |
August 20, 2026 |
| 62,644,050.00 |
| 28,700,803.84 |
| 45.8 | % |
February 20, 2027 |
| 61,476,770.00 |
| 27,570,954.16 |
| 44.8 | % |
August 20, 2027 |
| 60,309,489.00 |
| 26,441,104.48 |
| 43.8 | % |
February 20, 2028 |
| 59,142,209.00 |
| 25,311,254.80 |
| 42.8 | % |
August 20, 2028 |
| 57,974,928.00 |
| 24,181,405.12 |
| 41.7 | % |
February 20, 2029 |
| 56,807,648.00 |
| 23,051,555.44 |
| 40.6 | % |
August 20, 2029 |
| 55,640,367.00 |
| 21,921,705.76 |
| 39.4 | % |
February 20, 2030 |
| 54,473,087.00 |
| 20,791,856.08 |
| 38.2 | % |
August 20, 2030 |
| 53,305,807.00 |
| 19,662,006.40 |
| 36.9 | % |
February 20, 2031 |
| 52,138,526.00 |
| 18,532,156.72 |
| 35.5 | % |
August 20, 2031 |
| 50,971,246.00 |
| 17,402,307.04 |
| 34.1 | % |
February 20, 2032 |
| 49,803,965.00 |
| 16,272,457.36 |
| 32.7 | % |
August 20, 2032 |
| 48,636,685.00 |
| 15,142,607.68 |
| 31.1 | % |
February 20, 2033 |
| 47,469,404.00 |
| 14,012,758.00 |
| 29.5 | % |
August 20, 2033 |
| 46,302,124.00 |
| 12,882,908.32 |
| 27.8 | % |
February 20, 2034 |
| 45,134,844.00 |
| 0.00 |
| 0.0 | % |
N184FE
|
| Series AA |
| ||||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
| ||
At Issuance |
| $ | 76,871,646.30 |
| $ | 42,380,000.00 |
| 55.1 | % |
February 20, 2021 |
| 75,701,012.00 |
| 41,246,915.23 |
| 54.5 | % | ||
August 20, 2021 |
| 74,530,378.00 |
| 40,113,830.46 |
| 53.8 | % | ||
February 20, 2022 |
| 73,359,744.00 |
| 38,980,745.69 |
| 53.1 | % | ||
August 20, 2022 |
| 72,189,109.00 |
| 37,847,660.92 |
| 52.4 | % | ||
February 20, 2023 |
| 71,018,475.00 |
| 36,714,576.15 |
| 51.7 | % | ||
August 20, 2023 |
| 69,847,841.00 |
| 35,581,491.38 |
| 50.9 | % | ||
February 20, 2024 |
| 68,677,207.00 |
| 34,448,406.61 |
| 50.2 | % | ||
August 20, 2024 |
| 67,506,573.00 |
| 33,315,321.84 |
| 49.4 | % | ||
February 20, 2025 |
| 66,335,938.00 |
| 32,182,237.07 |
| 48.5 | % | ||
August 20, 2025 |
| 65,165,304.00 |
| 31,049,152.30 |
| 47.6 | % | ||
February 20, 2026 |
| 63,994,670.00 |
| 29,916,067.53 |
| 46.7 | % | ||
August 20, 2026 |
| 62,824,036.00 |
| 28,782,982.76 |
| 45.8 | % | ||
February 20, 2027 |
| 61,653,402.00 |
| 27,649,897.99 |
| 44.8 | % | ||
August 20, 2027 |
| 60,482,767.00 |
| 26,516,813.22 |
| 43.8 | % | ||
February 20, 2028 |
| 59,312,133.00 |
| 25,383,728.45 |
| 42.8 | % | ||
August 20, 2028 |
| 58,141,499.00 |
| 24,250,643.68 |
| 41.7 | % | ||
February 20, 2029 |
| 56,970,865.00 |
| 23,117,558.91 |
| 40.6 | % | ||
August 20, 2029 |
| 55,800,231.00 |
| 21,984,474.14 |
| 39.4 | % | ||
February 20, 2030 |
| 54,629,596.00 |
| 20,851,389.37 |
| 38.2 | % | ||
August 20, 2030 |
| 53,458,962.00 |
| 19,718,304.60 |
| 36.9 | % | ||
February 20, 2031 |
| 52,288,328.00 |
| 18,585,219.83 |
| 35.5 | % | ||
August 20, 2031 |
| 51,117,694.00 |
| 17,452,135.06 |
| 34.1 | % | ||
February 20, 2032 |
| 49,947,060.00 |
| 16,319,050.29 |
| 32.7 | % | ||
August 20, 2032 |
| 48,776,425.00 |
| 15,185,965.52 |
| 31.1 | % | ||
February 20, 2033 |
| 47,605,791.00 |
| 14,052,880.75 |
| 29.5 | % | ||
August 20, 2033 |
| 46,435,157.00 |
| 12,919,795.98 |
| 27.8 | % | ||
|
| Series AA |
| ||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
|
February 20, 2034 |
| 45,264,523.00 |
| 0.00 |
| 0.0 | % |
B. Boeing 777F
N869FD
|
| Series AA |
| ||||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
| ||
At Issuance |
| $ | 128,070,000.00 |
| $ | 70,607,000.00 |
| 55.1 | % |
February 20, 2021 |
| 125,809,941.00 |
| 68,719,229.43 |
| 54.6 | % | ||
August 20, 2021 |
| 123,549,882.00 |
| 66,831,458.86 |
| 54.1 | % | ||
February 20, 2022 |
| 121,289,824.00 |
| 64,943,688.29 |
| 53.5 | % | ||
August 20, 2022 |
| 119,029,765.00 |
| 63,055,917.72 |
| 53.0 | % | ||
February 20, 2023 |
| 116,769,706.00 |
| 61,168,147.15 |
| 52.4 | % | ||
August 20, 2023 |
| 114,509,647.00 |
| 59,280,376.58 |
| 51.8 | % | ||
February 20, 2024 |
| 112,249,588.00 |
| 57,392,606.01 |
| 51.1 | % | ||
August 20, 2024 |
| 109,989,529.00 |
| 55,504,835.44 |
| 50.5 | % | ||
February 20, 2025 |
| 107,729,471.00 |
| 53,617,064.87 |
| 49.8 | % | ||
August 20, 2025 |
| 105,469,412.00 |
| 51,729,294.30 |
| 49.0 | % | ||
February 20, 2026 |
| 103,209,353.00 |
| 49,841,523.73 |
| 48.3 | % | ||
August 20, 2026 |
| 100,949,294.00 |
| 47,953,753.16 |
| 47.5 | % | ||
February 20, 2027 |
| 98,689,235.00 |
| 46,065,982.59 |
| 46.7 | % | ||
August 20, 2027 |
| 96,429,176.00 |
| 44,178,212.02 |
| 45.8 | % | ||
February 20, 2028 |
| 94,169,118.00 |
| 42,290,441.45 |
| 44.9 | % | ||
August 20, 2028 |
| 91,909,059.00 |
| 40,402,670.88 |
| 44.0 | % | ||
February 20, 2029 |
| 89,649,000.00 |
| 38,514,900.31 |
| 43.0 | % | ||
August 20, 2029 |
| 87,388,941.00 |
| 36,627,129.74 |
| 41.9 | % | ||
February 20, 2030 |
| 85,128,882.00 |
| 34,739,359.17 |
| 40.8 | % | ||
August 20, 2030 |
| 82,868,824.00 |
| 32,851,588.60 |
| 39.6 | % | ||
February 20, 2031 |
| 79,855,412.00 |
| 30,963,818.03 |
| 38.8 | % | ||
August 20, 2031 |
| 76,842,000.00 |
| 29,076,047.46 |
| 37.8 | % | ||
February 20, 2032 |
| 73,828,588.00 |
| 27,188,276.89 |
| 36.8 | % | ||
August 20, 2032 |
| 70,815,176.00 |
| 25,300,506.32 |
| 35.7 | % | ||
February 20, 2033 |
| 67,801,765.00 |
| 23,412,735.75 |
| 34.5 | % | ||
August 20, 2033 |
| 64,788,353.00 |
| 21,524,965.18 |
| 33.2 | % | ||
February 20, 2034 |
| 61,774,941.00 |
| 0.00 |
| 0.0 | % | ||
N877FD
|
| Series AA |
| ||||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
| ||
At Issuance |
| $ | 144,800,000.00 |
| $ | 79,830,000.00 |
| 55.1 | % |
February 20, 2021 |
| 142,451,892.00 |
| 77,695,640.45 |
| 54.5 | % | ||
August 20, 2021 |
| 140,103,784.00 |
| 75,561,280.90 |
| 53.9 | % | ||
February 20, 2022 |
| 137,755,676.00 |
| 73,426,921.35 |
| 53.3 | % | ||
August 20, 2022 |
| 135,407,568.00 |
| 71,292,561.80 |
| 52.7 | % | ||
February 20, 2023 |
| 133,059,459.00 |
| 69,158,202.25 |
| 52.0 | % | ||
August 20, 2023 |
| 130,711,351.00 |
| 67,023,842.70 |
| 51.3 | % | ||
February 20, 2024 |
| 128,363,243.00 |
| 64,889,483.15 |
| 50.6 | % | ||
August 20, 2024 |
| 126,015,135.00 |
| 62,755,123.60 |
| 49.8 | % | ||
February 20, 2025 |
| 123,667,027.00 |
| 60,620,764.05 |
| 49.0 | % | ||
|
| Series AA |
| ||||
Date |
| Assumed Aircraft Value |
| Outstanding Balance |
| LTV |
|
August 20, 2025 |
| 121,318,919.00 |
| 58,486,404.50 |
| 48.2 | % |
February 20, 2026 |
| 118,970,811.00 |
| 56,352,044.95 |
| 47.4 | % |
August 20, 2026 |
| 116,622,703.00 |
| 54,217,685.40 |
| 46.5 | % |
February 20, 2027 |
| 114,274,595.00 |
| 52,083,325.85 |
| 45.6 | % |
August 20, 2027 |
| 111,926,486.00 |
| 49,948,966.30 |
| 44.6 | % |
February 20, 2028 |
| 109,578,378.00 |
| 47,814,606.75 |
| 43.6 | % |
August 20, 2028 |
| 107,230,270.00 |
| 45,680,247.20 |
| 42.6 | % |
February 20, 2029 |
| 104,882,162.00 |
| 43,545,887.65 |
| 41.5 | % |
August 20, 2029 |
| 102,534,054.00 |
| 41,411,528.10 |
| 40.4 | % |
February 20, 2030 |
| 100,185,946.00 |
| 39,277,168.55 |
| 39.2 | % |
August 20, 2030 |
| 97,837,838.00 |
| 37,142,809.00 |
| 38.0 | % |
February 20, 2031 |
| 95,489,730.00 |
| 35,008,449.45 |
| 36.7 | % |
August 20, 2031 |
| 93,141,622.00 |
| 32,874,089.90 |
| 35.3 | % |
February 20, 2032 |
| 90,793,514.00 |
| 30,739,730.35 |
| 33.9 | % |
August 20, 2032 |
| 88,445,405.00 |
| 28,605,370.80 |
| 32.3 | % |
February 20, 2033 |
| 86,097,297.00 |
| 26,471,011.25 |
| 30.7 | % |
August 20, 2033 |
| 82,966,486.00 |
| 24,336,651.70 |
| 29.3 | % |
February 20, 2034 |
| 79,835,676.00 |
| 0.00 |
| 0.0 | % |
EQUIPMENT NOTE PRINCIPAL AMOUNTS AND AMORTIZATION SCHEDULES
The following tables set forth the principal amounts and amortization schedules for only the Equipment Notes to be issued in respect of the Additional Aircraft as of the Issuance Date and each Regular Distribution Date thereafter. For a description of the Principal amounts and amortization schedules for Equipment Notes to be issued in respect of all other Aircraft, please see Appendix III and Appendix IV to the Supplement.
A. Boeing 767-300F
N180FE
|
| Series AA |
| ||||
Date |
| Scheduled Payments |
| Equipment Note |
| ||
At Issuance |
| $ | 0.00 |
| $ | 41,432,000.00 |
|
February 20, 2021 |
| 1,107,738.75 |
| 40,324,261.25 |
| ||
August 20, 2021 |
| 1,107,738.75 |
| 39,216,522.50 |
| ||
February 20, 2022 |
| 1,107,738.75 |
| 38,108,783.75 |
| ||
August 20, 2022 |
| 1,107,738.75 |
| 37,001,045.00 |
| ||
February 20, 2023 |
| 1,107,738.75 |
| 35,893,306.25 |
| ||
August 20, 2023 |
| 1,107,738.75 |
| 34,785,567.50 |
| ||
February 20, 2024 |
| 1,107,738.75 |
| 33,677,828.75 |
| ||
August 20, 2024 |
| 1,107,738.75 |
| 32,570,090.00 |
| ||
February 20, 2025 |
| 1,107,738.75 |
| 31,462,351.25 |
| ||
August 20, 2025 |
| 1,107,738.75 |
| 30,354,612.50 |
| ||
February 20, 2026 |
| 1,107,738.75 |
| 29,246,873.75 |
| ||
August 20, 2026 |
| 1,107,738.75 |
| 28,139,135.00 |
| ||
February 20, 2027 |
| 1,107,738.75 |
| 27,031,396.25 |
| ||
August 20, 2027 |
| 1,107,738.75 |
| 25,923,657.50 |
| ||
February 20, 2028 |
| 1,107,738.75 |
| 24,815,918.75 |
| ||
August 20, 2028 |
| 1,107,738.75 |
| 23,708,180.00 |
| ||
February 20, 2029 |
| 1,107,738.75 |
| 22,600,441.25 |
| ||
August 20, 2029 |
| 1,107,738.75 |
| 21,492,702.50 |
| ||
|
| Series AA |
| ||
Date |
| Scheduled Payments |
| Equipment Note |
|
February 20, 2030 |
| 1,107,738.75 |
| 20,384,963.75 |
|
August 20, 2030 |
| 1,107,738.75 |
| 19,277,225.00 |
|
February 20, 2031 |
| 1,107,738.75 |
| 18,169,486.25 |
|
August 20, 2031 |
| 1,107,738.75 |
| 17,061,747.50 |
|
February 20, 2032 |
| 1,107,738.75 |
| 15,954,008.75 |
|
August 20, 2032 |
| 1,107,738.75 |
| 14,846,270.00 |
|
February 20, 2033 |
| 1,107,738.75 |
| 13,738,531.25 |
|
August 20, 2033 |
| 1,107,738.75 |
| 12,630,792.50 |
|
February 20, 2034 |
| 12,630,792.50 |
| 0.00 |
|
N183FE
|
| Series AA |
| ||||
Date |
| Scheduled |
| Equipment Note |
| ||
At Issuance |
| $ | 0.00 |
| $ | 42,259,000.00 |
|
February 20, 2021 |
| 1,129,849.68 |
| 41,129,150.32 |
| ||
August 20, 2021 |
| 1,129,849.68 |
| 39,999,300.64 |
| ||
February 20, 2022 |
| 1,129,849.68 |
| 38,869,450.96 |
| ||
August 20, 2022 |
| 1,129,849.68 |
| 37,739,601.28 |
| ||
February 20, 2023 |
| 1,129,849.68 |
| 36,609,751.60 |
| ||
August 20, 2023 |
| 1,129,849.68 |
| 35,479,901.92 |
| ||
February 20, 2024 |
| 1,129,849.68 |
| 34,350,052.24 |
| ||
August 20, 2024 |
| 1,129,849.68 |
| 33,220,202.56 |
| ||
February 20, 2025 |
| 1,129,849.68 |
| 32,090,352.88 |
| ||
August 20, 2025 |
| 1,129,849.68 |
| 30,960,503.20 |
| ||
February 20, 2026 |
| 1,129,849.68 |
| 29,830,653.52 |
| ||
August 20, 2026 |
| 1,129,849.68 |
| 28,700,803.84 |
| ||
February 20, 2027 |
| 1,129,849.68 |
| 27,570,954.16 |
| ||
August 20, 2027 |
| 1,129,849.68 |
| 26,441,104.48 |
| ||
February 20, 2028 |
| 1,129,849.68 |
| 25,311,254.80 |
| ||
August 20, 2028 |
| 1,129,849.68 |
| 24,181,405.12 |
| ||
February 20, 2029 |
| 1,129,849.68 |
| 23,051,555.44 |
| ||
August 20, 2029 |
| 1,129,849.68 |
| 21,921,705.76 |
| ||
February 20, 2030 |
| 1,129,849.68 |
| 20,791,856.08 |
| ||
August 20, 2030 |
| 1,129,849.68 |
| 19,662,006.40 |
| ||
February 20, 2031 |
| 1,129,849.68 |
| 18,532,156.72 |
| ||
August 20, 2031 |
| 1,129,849.68 |
| 17,402,307.04 |
| ||
February 20, 2032 |
| 1,129,849.68 |
| 16,272,457.36 |
| ||
August 20, 2032 |
| 1,129,849.68 |
| 15,142,607.68 |
| ||
February 20, 2033 |
| 1,129,849.68 |
| 14,012,758.00 |
| ||
August 20, 2033 |
| 1,129,849.68 |
| 12,882,908.32 |
| ||
February 20, 2034 |
| 12,882,908.32 |
| 0.00 |
| ||
N184FE
|
| Series AA |
| ||||
Date |
| Scheduled Payments |
| Equipment Note |
| ||
At Issuance |
| $ | 0.00 |
| $ | 42,380,000.00 |
|
February 20, 2021 |
| 1,133,084.77 |
| 41,246,915.23 |
| ||
August 20, 2021 |
| 1,133,084.77 |
| 40,113,830.46 |
| ||
February 20, 2022 |
| 1,133,084.77 |
| 38,980,745.69 |
| ||
August 20, 2022 |
| 1,133,084.77 |
| 37,847,660.92 |
| ||
February 20, 2023 |
| 1,133,084.77 |
| 36,714,576.15 |
| ||
August 20, 2023 |
| 1,133,084.77 |
| 35,581,491.38 |
| ||
February 20, 2024 |
| 1,133,084.77 |
| 34,448,406.61 |
| ||
August 20, 2024 |
| 1,133,084.77 |
| 33,315,321.84 |
| ||
February 20, 2025 |
| 1,133,084.77 |
| 32,182,237.07 |
| ||
August 20, 2025 |
| 1,133,084.77 |
| 31,049,152.30 |
| ||
February 20, 2026 |
| 1,133,084.77 |
| 29,916,067.53 |
| ||
August 20, 2026 |
| 1,133,084.77 |
| 28,782,982.76 |
| ||
February 20, 2027 |
| 1,133,084.77 |
| 27,649,897.99 |
| ||
August 20, 2027 |
| 1,133,084.77 |
| 26,516,813.22 |
| ||
February 20, 2028 |
| 1,133,084.77 |
| 25,383,728.45 |
| ||
August 20, 2028 |
| 1,133,084.77 |
| 24,250,643.68 |
| ||
February 20, 2029 |
| 1,133,084.77 |
| 23,117,558.91 |
| ||
August 20, 2029 |
| 1,133,084.77 |
| 21,984,474.14 |
| ||
February 20, 2030 |
| 1,133,084.77 |
| 20,851,389.37 |
| ||
August 20, 2030 |
| 1,133,084.77 |
| 19,718,304.60 |
| ||
February 20, 2031 |
| 1,133,084.77 |
| 18,585,219.83 |
| ||
August 20, 2031 |
| 1,133,084.77 |
| 17,452,135.06 |
| ||
February 20, 2032 |
| 1,133,084.77 |
| 16,319,050.29 |
| ||
August 20, 2032 |
| 1,133,084.77 |
| 15,185,965.52 |
| ||
February 20, 2033 |
| 1,133,084.77 |
| 14,052,880.75 |
| ||
August 20, 2033 |
| 1,133,084.77 |
| 12,919,795.98 |
| ||
February 20, 2034 |
| 12,919,795.98 |
| 0.00 |
| ||
B. Boeing 777F
N869FD
|
| Series AA |
| ||||
Date |
| Scheduled |
| Equipment Note |
| ||
At Issuance |
| $ | 0.00 |
| $ | 70,607,000.00 |
|
February 20, 2021 |
| 1,887,770.57 |
| 68,719,229.43 |
| ||
August 20, 2021 |
| 1,887,770.57 |
| 66,831,458.86 |
| ||
February 20, 2022 |
| 1,887,770.57 |
| 64,943,688.29 |
| ||
August 20, 2022 |
| 1,887,770.57 |
| 63,055,917.72 |
| ||
February 20, 2023 |
| 1,887,770.57 |
| 61,168,147.15 |
| ||
August 20, 2023 |
| 1,887,770.57 |
| 59,280,376.58 |
| ||
February 20, 2024 |
| 1,887,770.57 |
| 57,392,606.01 |
| ||
August 20, 2024 |
| 1,887,770.57 |
| 55,504,835.44 |
| ||
February 20, 2025 |
| 1,887,770.57 |
| 53,617,064.87 |
| ||
August 20, 2025 |
| 1,887,770.57 |
| 51,729,294.30 |
| ||
February 20, 2026 |
| 1,887,770.57 |
| 49,841,523.73 |
| ||
August 20, 2026 |
| 1,887,770.57 |
| 47,953,753.16 |
| ||
February 20, 2027 |
| 1,887,770.57 |
| 46,065,982.59 |
| ||
August 20, 2027 |
| 1,887,770.57 |
| 44,178,212.02 |
| ||
February 20, 2028 |
| 1,887,770.57 |
| 42,290,441.45 |
| ||
August 20, 2028 |
| 1,887,770.57 |
| 40,402,670.88 |
| ||
February 20, 2029 |
| 1,887,770.57 |
| 38,514,900.31 |
| ||
August 20, 2029 |
| 1,887,770.57 |
| 36,627,129.74 |
| ||
|
| Series AA |
| ||
Date |
| Scheduled |
| Equipment Note |
|
February 20, 2030 |
| 1,887,770.57 |
| 34,739,359.17 |
|
August 20, 2030 |
| 1,887,770.57 |
| 32,851,588.60 |
|
February 20, 2031 |
| 1,887,770.57 |
| 30,963,818.03 |
|
August 20, 2031 |
| 1,887,770.57 |
| 29,076,047.46 |
|
February 20, 2032 |
| 1,887,770.57 |
| 27,188,276.89 |
|
August 20, 2032 |
| 1,887,770.57 |
| 25,300,506.32 |
|
February 20, 2033 |
| 1,887,770.57 |
| 23,412,735.75 |
|
August 20, 2033 |
| 1,887,770.57 |
| 21,524,965.18 |
|
February 20, 2034 |
| 21,524,965.18 |
| 0.00 |
|
N877FD
|
| Series AA |
| ||||
Date |
| Scheduled |
| Equipment Note |
| ||
At Issuance |
| $ | 0.00 |
| $ | 79,830,000.00 |
|
February 20, 2021 |
| 2,134,359.55 |
| 77,695,640.45 |
| ||
August 20, 2021 |
| 2,134,359.55 |
| 75,561,280.90 |
| ||
February 20, 2022 |
| 2,134,359.55 |
| 73,426,921.35 |
| ||
August 20, 2022 |
| 2,134,359.55 |
| 71,292,561.80 |
| ||
February 20, 2023 |
| 2,134,359.55 |
| 69,158,202.25 |
| ||
August 20, 2023 |
| 2,134,359.55 |
| 67,023,842.70 |
| ||
February 20, 2024 |
| 2,134,359.55 |
| 64,889,483.15 |
| ||
August 20, 2024 |
| 2,134,359.55 |
| 62,755,123.60 |
| ||
February 20, 2025 |
| 2,134,359.55 |
| 60,620,764.05 |
| ||
August 20, 2025 |
| 2,134,359.55 |
| 58,486,404.50 |
| ||
February 20, 2026 |
| 2,134,359.55 |
| 56,352,044.95 |
| ||
August 20, 2026 |
| 2,134,359.55 |
| 54,217,685.40 |
| ||
February 20, 2027 |
| 2,134,359.55 |
| 52,083,325.85 |
| ||
August 20, 2027 |
| 2,134,359.55 |
| 49,948,966.30 |
| ||
February 20, 2028 |
| 2,134,359.55 |
| 47,814,606.75 |
| ||
August 20, 2028 |
| 2,134,359.55 |
| 45,680,247.20 |
| ||
February 20, 2029 |
| 2,134,359.55 |
| 43,545,887.65 |
| ||
August 20, 2029 |
| 2,134,359.55 |
| 41,411,528.10 |
| ||
February 20, 2030 |
| 2,134,359.55 |
| 39,277,168.55 |
| ||
August 20, 2030 |
| 2,134,359.55 |
| 37,142,809.00 |
| ||
February 20, 2031 |
| 2,134,359.55 |
| 35,008,449.45 |
| ||
August 20, 2031 |
| 2,134,359.55 |
| 32,874,089.90 |
| ||
February 20, 2032 |
| 2,134,359.55 |
| 30,739,730.35 |
| ||
August 20, 2032 |
| 2,134,359.55 |
| 28,605,370.80 |
| ||
February 20, 2033 |
| 2,134,359.55 |
| 26,471,011.25 |
| ||
August 20, 2033 |
| 2,134,359.55 |
| 24,336,651.70 |
| ||
February 20, 2034 |
| 24,336,651.70 |
| 0.00 |
| ||
Additional Information
FedEx Express and FedEx have filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the prospectus in that registration statement and other documents
FedEx has filed with the SEC for more complete information about FedEx and FedEx Express and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, FedEx Express, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Citigroup Global Markets Inc. toll-free at 1-800-285-3000, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611 or Morgan Stanley & Co. LLC toll-free at 1-800-718-1649.
